2. Use the simulator to increase your score. Each version contains an algorithm that analyzes your credit score. If you understand the factors that go into the algorithm, then you will be armed with the power to increase your score. The caveat: Every version contains its own algorithm. What works to increase your score for one version may not work for another.
"Myfico.com provides a simulator for each version, instructing you on what to do to increase your score, such as paying off credit cards, closing out cards or paying down debt," Nichols said. But the simulator for each version is different. "If you follow the simulator instructions for the wrong version, you could lower your score considerably," she said.
For instance, Nichols said that in FICO 8, you can increase your score if you pay off any accounts that are in collections. This isn't true for FICO's older versions. "Every version contains different nuances for increasing your score," she explained. "It's important to understand what they are. In version 8, points are no longer given for being an authorized user on an account that's in good standing."